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| ISE Price | €0.040 |
| Change on the Day (€) | -1.000 |
| Change on the Day (%) | -20 |
| LSE Price | 0.042 |
| Change on the Day (£) | -0.008 |
| Change on the Day (%) | -0 |
FINANCIAL HIGHLIGHTS
Blackrock International Land plc has released its preliminary results for the year ended 31 December 2009.
Key Points:
- Despite difficult economic conditions and general market uncertainty during the year:
- Net rental income remained steady at €13.6 million.
- Finance costs declined 30% to €7.3 million.
- Administrative expenses reduced 12% to €4.4 million.
- Group net assets declined by €89.8 million during the year due to unrealised
adjustments resulting from the adverse effects on property values of limited investor
and occupational demand and lower investment yields.
- Net assets per share at 31 December 2009 were €0.1032 compared to €0.2571 at the previous year end.
- Proposals have been received, and are under consideration, from the group's principal lender to address, inter alia, the year end balance sheet which shows a loan-to-value ratio in excess of that provided for in the current borrowing facilities.
| Summary of Movement in Net Assets | 2009
| 2008
|
|---|
| | €m | €m |
|---|
| Net rental income | 13.6 | 13.7 |
| Finance costs | (7.3) | (10.4) |
| Administration costs | (4.4) | (5.0) |
| Operating income | 1.9 | (1.7) |
| Fair value adjustments: |
| Wholly/majority owned property | (84.9) | (39.3) |
| Equity accounted investees | (21.3) | (37.7) |
| Translation effect of foreign exchange (net) | (1.0) | (5.7) |
| Income tax | 15.5 | 4.1 |
| Movement in net assets | (89.8) | (80.3) |
| A A A
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